SWOT Analysis may very well be the solution to your problems of feeling lost, unproductive, worried about the future, and the general struggle that inevitably arises on the road to personal development. It is quick to carry out, reliable in terms of changing your perspective, and effective in getting you the results that you desire. So what exactly is this SWOT Analysis? You will find everything you need to know about it below as well as how to do it and all of the amazing benefits that it will bring to your life.
What Is SWOT Analysis?
SWOT Analysis is a business term that has steadily made its way over into the world of personal development due to its effectiveness in getting things to improve — whether that be a company or, more recently, a person. S.W.O.T. is an anagram that stands for Strengths, Weaknesses, Opportunities and Threats. When assessing these four key pillars in life, it gives a very good picture of which direction you should be heading in and even highlights some of the best ways to do it. All in all, it is a great way to reflect on past actions and to decide on the best way to move forward.
How to Do a SWOT Analysis
Carrying out a SWOT Analysis is relatively simple. The best way is to take out a pen and paper and write down four columns: Strengths, Weaknesses, Opportunities, and Threats. From there, you can begin to fill out each one and apply it to whatever situation you find yourself in. If you are considering expanding your enterprise, you might want to write down the current strengths and weaknesses of your business as well as the opportunities that you could possibly move into and the threats that you might need to minimize. If you are an individual looking to improve yourself, you can carry out a SWOT Analysis either on the micro or macro level. A micro example would be focusing on one specific area of life. For example, you could write down your strengths, weaknesses, opportunities, and threats when it comes to dating, productivity, or changing your job. You can also take it to the macro level. You might simply write down your current strengths, weaknesses, opportunities, and threats across all areas of life — or simply the areas that you want to focus on for now. SWOT Analysis is very easy to do and is excellent for the bigger picture stuff. Here is a rough template with a few questions across various areas of life that you can use for your own personal development purposes:
Strengths
What professional qualifications do I have that make me stand out from everybody else? What do I exceed at where most people are either average or below average? What achievements have I been awarded? What struggles have I overcome in the past that give me hope for the future?
Weaknesses
Where do I fall short where others seem to excel? What bad habits do I have? What thoughts tend to hold me back?
Opportunities
Is there any significant advancement happening or about to happen that I can take advantage of? Is there a new position in a company that maximizes my skillset? Is there a gap in the market that I could potentially fill? Is there an opportunity that is low-risk (i.e. I can fail fast and decide if I want to keep pursuing it)?
Threats
What competition do I face in a certain area? What is the most likely thing to throw me off course? Is it me? If there was an economic downturn, would I be in a position to survive? Could I even turn it into an opportunity?
Benefits of SWOT Analysis for Self-Improvement
Now that you know what it is and how to do it, you may already start to see all of the benefits for your personal growth that can come from a SWOT Analysis. If you haven’t already started to think about how to use it in your own life, here are a few ideas to get you started.
1. It Gives You an Actionable Plan
One of the most obvious benefits of doing a SWOT Analysis is the fact that it gives you an actionable plan. It is rare for someone to actually sit down and write out their strengths and weaknesses as well as the opportunities and threats they are facing, so you will be getting well ahead. More importantly, taking the information from all four of these areas allows you to create an effective plan for yourself going forward — whether that be doubling down on your strengths, a plan to overcome your weaknesses, or how to leap at one of the opportunities in your life. SWOT Analysis is designed specifically to drive actions and decisions — it is not simply a discussion exercise that you put to one side once you are finished with it.[1]
2. It Allows You to Zoom Out
Far too many people are so trapped within their day-to-day activities that they forget to see the big picture. Not being able to see the forest for the trees is one of the things that hold many people back from reaching their full potential. SWOT Analysis allows you to take a moment of reflection, see the big picture, and then to make an informed decision about what your everyday tasks and activities are going to be, rather than the other way around. It is important to be able to zoom out from time to time to make sure that you are on track with whatever your objectives are in each area of life. SWOT Analysis is the best way to do just that.
3. It Helps You Recognize New Aspects and Patterns
One of the unique things about SWOT Analysis is that it manages to combine different areas of your life and lets you see patterns, opportunities, and much more that you wouldn’t have otherwise seen. An example would be the combination of your strengths and your opportunities. When you look at both of these side-by-side, you get a good idea about where the crossovers are, and, as a result, you get a clear picture of what opportunities are worth pursuing based on your strengths. Another example would be looking at your strengths and threats next to one another. When you have a decent idea about what your strengths are in a certain situation, you can start to see how those strengths might come in handy when it comes to mitigating certain threats that you might face. The truth is, any combination across SWOT Analysis creates a unique perspective that will be extremely useful for your own self-improvement.
4. It Minimizes Risk
Branching out from the previous point, a SWOT Analysis is carried out to help minimize risk [2]. Although this is primarily a benefit from a company’s standpoint, it can also be helpful from an individual’s perspective as well. On a personal level, risk can come in a variety of forms. It might be an imaginary risk that feels real, like asking your crush out or asking your boss for a raise. It might be an actual risk where you are thinking of expanding your business or entering a new market where you have little experience. Either way, seeing the threats you face as well as the strengths, weaknesses, and opportunities you have allows you to go down the path that minimizes risk and maximizes gain.
5. It Can Marks Stages of Your Path
An interesting way that companies use SWOT Analysis is that they carry it out every month or every quarter in order to reset and recalibrate their destination. It can be used in a similar way by you as well. Just like there are certain times when businesses use them, there are certain times when you should use them.[3] Every month or every couple of months, take the time to do a SWOT Analysis to see how you are progressing. What strengths have been added? What weaknesses have been discovered? What opportunities have revealed themselves or been lost? What new threats are you facing and which have been removed from the picture? Not only will carrying out a SWOT Analysis on a frequent basis accelerate your self-improvement by helping you see where you want to go with less distraction, but it is also nice to see how things change and, hopefully, get better. It is also worth looking back at your SWOT Analysis from the start of the year when you reach the end of the year to see how far you have come.
To Wrap Up
So there you have it. SWOT Analysis might just be the tool and technique that you have been waiting for to truly take the next step in your self-improvement journey. It is practical, easy to carry out, and effective in terms of planning your next moves. Whether you do it on a consistent basis to ensure that you are moving in the right direction or you only do it when you feel lost, SWOT Analysis will always be right there waiting to help. Featured photo credit: Kyle Glenn via unsplash.com
